I have an opportunity to throw in with an outfit close to the home 20 where my pay would be 25% of the load. I ran it by my CPA thinking I might need to put 15% of each check away to cover taxes on it. He advised I need to put at least 35% back for taxes. Wow! If it was as good as $2000.00 a week, (the big IF) then after paying for medical insurance and other benefits I would be giving up to make the change, It don't sound so good to me.....the question being, what percentage of the load makes it worth doing the 1099 gig? I'm thinking there would be some low pay weeks in there.....and how do you trust the guy to be truthful about how much the load paid? People will be people right?
Paying Taxes on "Percent of Load" (1099 gig)
Discussion in 'Trucker Taxes and Truck Financing' started by Makeajump, May 27, 2019.
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That's so wide open...
15% of a million dollars ..
15% of a thousand dollars..
Whatever the final # needed for take home is whatever you decide it needs to be.
Require the original load amount to be stated on your settlements... Always with identified BOLs.
I think you need to keep working on what's needed before you're ready for this venture..QuietStorm and Makeajump Thank this. -
My take home would need to be $1350 per week to be at the same level I'm at right now as a W-2 employee, but there would be benefits lost like paid time off (PTO), medical, dental, accidental injury, insurances.....etc. I get a headache thinking about it and trying to weigh the pros and cons.....I could have the time off but it would be time off without pay. Then there might be slow weeks, one trip instead of three. Ouch! I think the paid time off is the biggie......
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Not a good deal.
Put it to bed and your "headaches" wil go away.KB3MMX, QuietStorm and Makeajump Thank this. -
Ok Mr. Jones! Thanks!
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You also give up workers comp insurance and employee legal rights.
QuietStorm, Tb0n3 and Makeajump Thank this. -
Yep True. I forgot about those,,,,,,I guess that's why he's having trouble finding a driver...??? Its just close to home and back to tanker yankin' which I like to do. The cons outweigh the pros though.
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Paying 1099.
Throw out some big weekly paycheck number,
And they come flocking in.
It's a con game.
It's never too your benefit.whosfate, QuietStorm, Tb0n3 and 2 others Thank this. -
You look at the employers withholding tables for say Maryland.
Example Work in maryland, baltimore co, as a single tax payer 7% to retirement
Wages gross made for the week 2000.00
Then... withholding time... net 13xx.xx dollars
thus
Thus links
Tax calculator
Central Payroll Net Pay Calculator
Other individual calculators
Tax CalculatorsMakeajump Thanks this. -
Percentage of the load usually means % after his expenses and in my experience works out to % of about 75% of the gross. Unless he opens his books and shows you all BOL's, it's a crapshoot. I've worked that way quite a bit, always got 30%, but that was when I was young and dumb, now the thought of working without deductions, WC, UEI,medical is out of the question. Won't his accountant take care of that?
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